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Norges Bank

Norges Bank Portfolio holdings

AUM $935B
 

Norges Bank, established in 1816 and headquartered in Oslo, Norway, serves as the central bank of Norway, responsible for monetary policy, issuing the Norwegian krone, and maintaining financial stability. Beyond its traditional central banking role, it oversees the management of the Government Pension Fund Global (often called the Norwegian Oil Fund), one of the world’s largest sovereign wealth funds, valued at over $1 trillion, which invests Norway’s oil and gas revenues in global equities, bonds, and real estate. The fund’s investment arm, Norges Bank Investment Management (NBIM), operates independently to ensure long-term wealth preservation for future generations, emphasizing sustainable and ethical investing practices. With its dual role, Norges Bank uniquely blends central banking duties with stewardship of a massive global investment portfolio.

This Fund
S&P 500
This Quarter Est. Return
+5.11%
1 Year Est. Return
–
3 Year Est. Return
–
5 Year Est. Return
–
10 Year Est. Return
–
AUM
$371B
AUM Growth
+$193B
Cap. Flow
+$180B
Cap. Flow %
48.51%
Top 10 Hldgs %
14.25%
Holding
2,273
New
161
Increased
2,055
Reduced
32
Closed
23

Top Buys

Rank Stock Value
1
AAPL icon
Apple
AAPL
+$3.65B
2
BLK icon
Blackrock
BLK
+$3.58B
3
XOM icon
ExxonMobil
XOM
+$3.23B
4
MSFT icon
Microsoft
MSFT
+$2.54B
5
JNJ icon
Johnson & Johnson
JNJ
+$2.09B

Top Sells

Rank Stock Value
1
WFT
Weatherford International plc
WFT
+$118M
2
BAP icon
Credicorp
BAP
+$98.3M
3
BEAM
BEAM INC COM STK (DE)
BEAM
+$82.2M
4
AON icon
Aon
AON
+$63.8M
5
LSI
LSI CORPORATION
LSI
+$47.7M

Sector Composition

Rank Sector Weight
1 Financials 17.06%
2 Technology 13.25%
3 Healthcare 12.14%
4 Energy 10.19%
5 Industrials 9.98%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TRP icon
176
TC Energy
TRP
$70.2B
$430M 0.12%
9,002,846
+4,089,460
+83% +$191M
TEL icon
177
TE Connectivity
TEL
$59.6B
$418M 0.11%
6,766,964
+3,383,482
+100% +$203M
ALXN
178
DELISTED
Alexion Pharmaceuticals
ALXN
$416M 0.11%
2,660,522
+1,330,261
+100% +$210M
NOV icon
179
NOV
NOV
$6.93B
$415M 0.11%
5,040,208
+2,245,413
+80% +$167M
PX
180
DELISTED
Praxair Inc
PX
$412M 0.11%
3,102,786
+1,505,415
+94% +$197M
CVE icon
181
Cenovus Energy
CVE
$55.7B
$409M 0.11%
12,582,946
+6,326,007
+101% +$188M
BHI
182
DELISTED
Baker Hughes
BHI
$405M 0.11%
5,443,938
+2,721,969
+100% +$189M
KMI icon
183
Kinder Morgan
KMI
$71.7B
$404M 0.11%
11,154,064
+5,577,032
+100% +$188M
CI icon
184
Cigna
CI
$73.7B
$404M 0.11%
4,388,754
+2,194,377
+100% +$188M
MS icon
185
Morgan Stanley
MS
$331B
$403M 0.11%
12,476,198
+6,903,538
+124% +$213M
GLW icon
186
Corning
GLW
$119B
$403M 0.11%
18,340,056
+10,527,295
+135% +$223M
VFC icon
187
VF Corp
VFC
$5.63B
$401M 0.11%
6,756,402
+3,378,201
+100% +$196M
MPC icon
188
Marathon Petroleum
MPC
$92.4B
$400M 0.11%
10,235,700
+5,010,760
+96% +$222M
AMP icon
189
Ameriprise Financial
AMP
$48.3B
$397M 0.11%
3,308,444
-300,979
-8% -$33.7M
KR icon
190
Kroger
KR
$35.4B
$396M 0.11%
16,026,804
+8,013,402
+100% +$187M
NSC icon
191
Norfolk Southern
NSC
$75.4B
$396M 0.11%
3,838,988
+2,513,738
+190% +$247M
SE
192
DELISTED
Spectra Energy Corp Wi
SE
$389M 0.1%
9,153,630
+4,431,665
+94% +$177M
MET icon
193
MetLife
MET
$61.9B
$387M 0.1%
7,819,929
+4,043,616
+107% +$189M
FRX
194
DELISTED
FOREST LABORATORIES INC
FRX
$381M 0.1%
3,852,442
+2,199,426
+133% +$205M
DE icon
195
Deere & Co
DE
$160B
$377M 0.1%
4,159,142
+2,079,571
+100% +$191M
NBL
196
DELISTED
Noble Energy, Inc.
NBL
$376M 0.1%
4,852,868
+2,426,434
+100% +$177M
ITW icon
197
Illinois Tool Works
ITW
$82.6B
$372M 0.1%
4,248,956
+1,574,231
+59% +$135M
SYK icon
198
Stryker
SYK
$125B
$371M 0.1%
4,396,170
+2,198,085
+100% +$180M
IMO icon
199
Imperial Oil
IMO
$62.7B
$369M 0.1%
6,995,234
+3,823,730
+121% +$188M
CNH
200
CNH Industrial
CNH
$12.7B
$367M 0.1%
41,071,892
+20,535,946
+100% +$196M
6 7
8
9 10

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Norges Bank's Q2 2014 Portfolio in Review

As of Q2 2014, Norges Bank held 2,273 positions worth $371B, up 109% from $177B the previous quarter. Its ten largest holdings account for 14% of the portfolio.

Norges Bank deployed $180B of net new capital in Q2 2014, opening 161 new positions and adding to 2,055 existing holdings. Its largest new stake was IMS HEALTH HLDGS INC COM STK (DE): 6,500,000 shares worth $167M.

By sector, the portfolio is most concentrated in Financials at 17% of assets, down from 18% a quarter earlier, followed by Technology and Healthcare.

On the sell side, the largest reduction was Weatherford International plc, an estimated $118M trimmed.

  • Norges Bank's largest Q2 2014 buy was IMS HEALTH HLDGS INC COM STK (DE): 6,500,000 shares worth $167M.
  • Norges Bank added most to Apple in Q2 2014, an estimated $3.65B increase.
  • Norges Bank's biggest Q2 2014 reduction was Weatherford International plc, cutting an estimated $118M.
  • Norges Bank fully exited Credicorp in Q2 2014, selling an estimated $98.3M.
  • Norges Bank's ten largest holdings make up 14% of its $371B portfolio in Q2 2014.
  • Norges Bank opened 161 new positions and closed 23 in Q2 2014.
  • Norges Bank's portfolio value rose 109% quarter-over-quarter to $371B.

Based on Norges Bank's 13F filing for Q2 2014, filed 8 Aug 2014.